Sberbank Is The First Bank In Russia That Will Issue Digital Financial Assets

2022-03-19 00:45:42
Central Bank Officially Appoints Sberbank

Sberbank, the largest bank in Russia, received permission from the Central Bank of Russia (CBR) to issue the country’s first official DFAs (digital financial assets). The news about the decision broke out this Thursday after the Central Bank of Russia came out with the announcement in which they reveal adding Sberbank to Russia’s register of operators that have permission to operate as official digital providers of the state.

Moreover, as per the CBR, businesses and legal entities can purchase digital financial assets directly from Sberbank, with the liberty to further conduct whatever transactions they please with said assets, as long as they do not violate any laws or rules. Moreover, users will be also able to issue their own DFAs, with the end goal being attracting new investors.

Russia’s number one bank ensures that the upcoming Sber digital asset platform will have impeccable safety and security. In addition, Sberbank revealed that the platform is based on a ‘distributed ledger’, which naturally uses blockchain technology.

Accounting and circulation of DFAs issued on the Sber digital asset platform will take place in an information system created on the basis of a distributed ledger using blockchain technology, which guarantees data security and the impossibility of information substitution. Sberbank

Russia is already leading a rather peculiar crypto campaign, being that it seems like the government is constantly changing in mind when it comes to regulation. For example, back in January 2021, Russia revealed the ‘On Digital Financial Assets’ law, which specifically regulates crypto-activities such as issuing digital coins, among the few.

Strange Rules & Crypto Hope

Another point that is covered by this law is organizing fundraisers by using tokens as well. Yet it fails to mention anything on some of the most frequent crypto activities such as crypto trading or crypto mining, for that matter.

That is why in February of 2022, members of the lower house of parliament at the Russian State Duma, came out with a new draft that was added to the ‘On Digital Currency’ law. Submitted by Russia’s Ministry of Finance, while the new law approves of investing in crypto, on the other hand, and confusingly enough, it imposes a total ban on all crypto payments in the country.

Consequently, it is clear that the mounting pressure of the worldwide sanctions imposed on Russia forced the country to pick up the pace on legalizing crypto.

In fact, one member of the regulatory group that is tasked with this project confirmed that this is one of the ways that the country is attempting to break back on the global economic scene. And that as a result of this situation, the country decided to turn itself into a crypto hub for digital transactions.

The news is that the leading bank in Russia, Sberbank, is about to issue the first official digital financial assets break out just as the country battles with sanctions from countries, industries and companies worldwide, that are the result of the war in Ukraine.

And until this terrible war stops, this trend of mounting sanctions will certainly continue.

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